Consider the market for apartments. Graphically illustrate the impact on equilibrium price and quantity for each of the following scenarios. Instructions: Drag the appropriate line in the correct direction to show the effect on equilibrium price and equilibrium quantity. a. More people prefer to rent apartments rather than buy houses. G) The Market for Apartments Apartment rent (3) O Quantity of apartments rented This will: 0 increase equilibrium quantity and increase equilibrium price. 0 decrease equilibrium quantity and decrease equilibrium price. 0 decrease equilibrium quantity and increase equilibrium price. 0 increase equilibrium quantity and decrease equilibrium price. b. Five new apartment complexes open. The Market for Apartments Apartment rent (S) O Quantity of apartments rented This will: 0 decrease equilibrium quantity and increase equilibrium price. 0 increase equilibrium quantity and decrease equilibrium price. O decrease equilibrium quantity and decrease equilibrium price. 0 increase equilibrium quantity and increase equilibrium price